Spain's bad bank sells $3.3 bln loan portfolio to Axactor

Axactor ASA

13/07/2023 08:37

MADRID, July 13 (Reuters) - Spain's bad bank Sareb has
reached an agreement to sell a distressed loan portfolio with a
gross value of around 3 billion euros ($3.3 billion) to debt
service company Axactor, a spokesperson for Sareb said on
Thursday.
    The portfolio, dubbed "Victoria project", comprises 8,000
unsecured loans from mid-sized companies, Spanish newspaper
Expansion, which first reported the news, said, adding the deal
had a value of 150 million euros.
    Sareb declined to comment on the price of the transaction.
Norwegian based company Axactor, which focuses on bespoke debt
collection and manages non-performing loans, was not immediately
available to comment.
    The so-called bad bank, set up to take on bad loans from the
financial crisis which enveloped Spain in 2012, has been
struggling since its creation as a slump in real estate prices
depressed the value of the loans and assets it holds.
    Spanish banks were very active in shedding real estate
assets that lost value during the economic slump that followed
the 2007 bursting of Spain's real estate bubble.
    Spain's bad bank is pursuing a dual strategy of selling
assets to retail clients as well as selectively repackaging
larger loan portfolios in an attempt to accelerate sales.
    ($1 = 0.8969 euros)

 (Reporting by Jesús Aguado
Editing by Mark Potter)
 ((jesus.aguado@thomsonreuters.com; +34 91 835 68 32; Reuters
Messaging: Reuters Messaging:
jesus.aguado.reuters.com@reuters.net))